The derivative lawsuit filed against the board of Wyndham Worldwide Corporation in connection with the series of cyber breaches the company had experienced was being closely watched as possibly representative of a potential new area liability exposure for corporate directors and officers. However, as I discussed in a prior post (here), on October
Dismissal Granted in Cyber Breach-Related Derivative Suit Filed Against Wyndham Officials
Along with the separate derivative lawsuit filed against Target Corporation’s board, the cyber breach-related derivate action filed against Wyndham Worldwide Corporation’s board has been closely watched as representative of a potential new area liability exposure for corporate directors and officers. However, in an October 20, 2014 opinion, District of New Jersey Judge Stanley Chesler,
Wyndham Worldwide Board Hit with Cyber Breach-Related Derivative Lawsuit
In what is the latest example of the potential cybersecurity-related liability of corporate boards, a shareholder for Wyndham Worldwide Corporation has initiated a derivative lawsuit against certain directors and officers of the company, as well as against the company itself as nominal defendant, related to the three data breaches the company the company and its
Target Directors and Officers Hit with Derivative Suits Based on Data Breach
I have frequently noted that among the many exposures a company experiencing a data breach could encounter is the possibility of a shareholder suit alleging that the company’s board breached their fiduciary duties by failing to take sufficient steps to protect the company from a breach and its consequences. This possibility has now been
Cyber Breach Disclosures and the Impact on Companies’ Share Prices
The possibility of securities litigation following the disclosure of a cyber security breach has been a topic of significant recent attention, including on this site. There already have been securities class action lawsuits filed following significant cyber breaches, at least in some cases. More recently, however, the stock prices of several major companies